The State Has Recorded A Deficit Of Over €2B In The First Quarter Of This Year

Tuesday, 4 April 2023 17:14

By Caoimhe Harney

Total expenditure for the first quarter amounted to €26.9 billion.

The state has recorded a deficit of 2.1 billion euro in the first three months of this year.

The deficit was largely caused by the transfer of 4 billion euro to the National Reserve Fund in Feburary.

Despite a deficit in the last quarter, the Exchequer has recorded a rolling annual surplus of 2.6 billion euro.

Figures from the Department of Finance show almost 20 billion euro in tax was collected between January and March of this year.

That is almost 15 percent higher than this time last year.

The large tax receipts were largely driven by the money raised in Corporation Tax, which was up 40 percent on the same period last year.

Total expenditure for the first quarter amounted to 26.9billion euro.

That includes four billion euro transfer to the National Reserve Fund in February.

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